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- BNB dropped 3.84% but stayed above the $1,000 psychological level.
- The 78.6% Fibonacci support at $1,026 is critical for bulls.
- A break below $922 could confirm a long-term bearish reversal.
The crypto market slipped into red territory again after Bitcoin (BTC) faced rejection at the $116,000 resistance level, triggering a wave of profit-taking from short-term holders. Within ten hours, the broader altcoin market dropped by 2.5%, extending losses across major tokens. Binance Coin (BNB) was no exception, shedding 3.84% of its value but managing to stay above the critical $1,000 mark — for now.
BNB Defends Key Support — But for How Long?
Despite the latest correction, BNB’s daily chart shows a complex picture. The token still maintains a bullish swing structure, but the short-term momentum has turned bearish after failing to defend the $1,100 swing low earlier this month.
Technical indicators reveal that the 78.6% Fibonacci retracement level at $1,026 remains the crucial support line. A close below this level could signal the beginning of a deeper pullback, putting BNB’s short-term resilience to the test.
Traders Split as Taker Volumes Reach Balance
According to CoinGlass data, the BNB long/short ratio currently sits at 0.87, showing slightly more sell pressure from aggressive traders. This imbalance explains why BNB has struggled to break past $1,140 resistance. However, recent trading hours show that taker volumes are evening out — a possible sign of stabilization.
Still, with Bitcoin’s price action driving overall sentiment, BNB’s direction remains heavily dependent on BTC’s next move.
Also Read: Changpeng Zhao Focuses on YZi Labs After Trump Pardon as Binance Return Looks Unlikely
Outlook: Between Fragile Support and Tentative Recovery
BNB’s buyers continue to defend the $1,000 psychological support, but momentum is fading. A decisive break below $922 would confirm a broader bearish trend, while a rally above $1,150–$1,190 could open the door for a recovery phase.
For now, the market remains cautious — watching closely to see whether Binance Coin can hold its ground or finally buckle under the pressure.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
